Apecoin Price Prediction: APE Price Rebounds From $9.26 Mark; Can It Break $10.6 Resistance?
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Let us study the technical chart of the APE/USD pair to understand price behavior.
Source- Tradingview
Past Performance
The parabolic rally in the APE/USDT pair has surged the price to an $18 psychological level on March 18th. The long-wick rejection attached to those candles suggested the sellers are aggressively defending this level.
The resulting bearish reversal tumbled altcoin by 28.27%, bringing it to the immediate support of $12.9. On March 19th, the altcoin resonated between the $14.58 and $12.9 level, creating a narrow range.
Technical analysis
The minor consolidation ended in favor of the bear as the price breached the $12.9 bottom support. The gradual selling continued the correction rally and dumped it by another 25% to the $9.2 mark.
However, the long-tail rejection at this support suggested the investors are interested in this dip. A bullish breakout from the $10.8 resistance would provide a recovery opportunity for traders.
Contrary to the bullish thesis, if sellers violate the $9.2 bottom support as well, the short-sellers can expect the next target to $7.35.
Indicators
The declining 20-and-50 EMA put the sellers at a greater advantage. These EMAs would act as a valid resistance level, assisting the sellers in defending the $10.6 resistance.
However, the RSI indicator slope rebounded from the oversold region and has breached the 14-SMA dynamic resistance.
- Resistance level: $10.8 and $12.58
- Support levels: $7.35 and $9.2
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